NZDUSD Testing Resistance, Prepare For Reversal
Sell below 0.6620.
Stop loss at 0.6645.
Take profit at 0.6561.
Reason for the trading strategy (technically):
NZDUSD is testing its resistance at 0.6620 (38.2% & 23.6% Fibonacci retracement, overlap resistance) where a reversal to its support at 0.6561 (61.8% Fibonacci retracement, horizontal pullback support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 96% where a corresponding drop is expected.
Stop loss at 0.6645.
Take profit at 0.6561.
Reason for the trading strategy (technically):
NZDUSD is testing its resistance at 0.6620 (38.2% & 23.6% Fibonacci retracement, overlap resistance) where a reversal to its support at 0.6561 (61.8% Fibonacci retracement, horizontal pullback support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 96% where a corresponding drop is expected.